For your information, let us tell you that the Jammu and Kashmir government will collect an estimated Rs 120 crore revenue from all 20 districts of the state through property tax from the next financial year. Along with this, fixed property tax will be levied on residential and commercial buildings on the basis of valuation of property in municipal corporation and urban body limits. Along with this, the Housing and Urban Affairs Department has also got an estimated survey done. It is being told that different rates have been fixed for different property sectors. Buildings of 78 municipal bodies will come under the ambit of the new property tax system. In the new system, everyone will be given a chance to self-assess their property. Along with this, preparations are being made at the departmental level to implement property tax in the new financial year. In the new tax system, a provision has been kept for depositing tax in two instalments. Along with this, there will also be a provision of penalty on those who do not deposit tax on time. According to the information, the new tax system is being implemented from April 1, 2023 for three years in the first phase. However, a large number of people will get relief from the exemption from property tax in the residential complex built in an area of one thousand square feet by the department. But in loop colonies, property tax will have to be paid according to large residential areas. Along with this, according to H Rajesh Prasad, Principal Secretary, Housing and Urban Affairs, survey has been done for property tax, but it is according to different areas. With the increase in basic infrastructure from the revenue coming in, the facilities will be expanded.
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